KL48 with KL skyline
KUALA LUMPUR: Ecofirst Consolidated Bhd
today inked financing facilities with AmBank group for the construction of KL48, its first project since the COVID-19 pandemic.
The high-rise integrated project located on 1.69 hectares (4.18 acres) of freehold land in the Jalan Chan Sow Lin area has a gross development value (GDV) of RM1 billion. It is due for completion in the second quarter of 2027 (2Q2027).
EcoFirst chief executive officer Datuk Tiong Kwing Hee said the project comprises two 47-storey towers with nine retail units and 1,700 serviced apartment units with built-up areas ranging between 650 square feet (sq ft) and 850 sq ft. Prices start from RM503,000 onwards, or RM725 per sq ft.
"We have received good response for the first block of 750 units with bookings for about 600 units so far,” Tiong told reporters at the KL48 launch today.
The company has targeted to sell over 90 per cent of it by the end of this year as its price is "considered cheap” when compared with other projects which are being sold for about RM900 per sq ft, he said.
Meanwhile, on the size of its landbank, Tiong said the company has 30.35 hectares (75 acres) in Ampang Ulu Kelang with a GDV of about RM10 billion over a 20-year development timeline and another 2.02 hectares (5.0 acres) in Shah Alam for a residential project.
He also noted that the company is actively looking to acquire more land, especially within the Klang Valley.
Overall, he is positive about the company’s prospects this year given the project’s positive response and is confident it would generate a decent profit.
At the event, AmBank Group's managing director for business banking Christopher Yap said AmBank Retail Banking is also providing the project’s end-financing besides its development financing.
"AmBank is also looking into expand its facilities to EcoFirst's business partners including their contractors and suppliers," he said.
KL48 is located within the vicinity of KLCC, Tun Razak Exchange and the Royal Selangor Golf Club.
For more information on the project, visit kl48.com.my. - Bernama
